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Journal Article
Multiple measures give a better picture of bank market concentration
anonymous (2001-01)
Financial Update , Volume 14 , Issue Jan , Pages 4

Working Paper
Market structure and quality: an application to the banking industry
Dick, Astrid A. (2003)
This paper presents empirical evidence consistent with the predictions of the endogenous sunk cost model of Sutton (1991), with an application to banks. In particular, banking markets remain concentrated regardless of market size. Given an asymmetric oligopoly where dominant and fringe firms coexist, the number of dominant banks remains unchanged with market size, with only the number of fringe banks varying across markets. Such structure is sustained by competitive investments in quality, with the level of quality increasing with market size and dominant banks providing higher quality than ...
Finance and Economics Discussion Series , Paper 2003-14

Conference Paper
Bank market power and SME financing constraints
Rodriguez-Fernandez, Francisco; Udell, Gregory F.; Carbo-Valverde, Santiago (2006)
Theoretical models of lending and industrial organization theory predict that firm access to credit depends critically on bank market structure. However, empirical studies offer mixed results. Some studies find that higher concentration is associated with higher credit availability consistent with the information hypothesis that less competitive banks have more incentive to invest in soft information. Other empirical studies, however, find support for the market power hypothesis that credit rationing is higher in less competitive bank markets. This study tests these two competing hypotheses ...
Proceedings , Paper 1022

Working Paper
What does the yield on subordinated bank debt measure?
Birchler, Urs W.; Hancock, Diana (2003)
We provide evidence that a bank's subordinated debt yield spread is not, by itself, a sufficient measure of default risk. We use a model in which subordinated debt is held by investors with superior knowledge ("informed investor hypothesis"). First, we show that in theory the yield spread on subordinated debt must compensate investors for expected loss plus give them an incentive not to prefer senior debt. Second we present strong empirical evidence in favor of the informed investor hypothesis and of the existence of the incentive premium predicted by the model. Using data on the timing and ...
Finance and Economics Discussion Series , Paper 2004-19

Conference Paper
Market structure and quality : an application to the banking industry
Dick, Astrid A. (2003)
Proceedings , Paper 844

Working Paper
Conduct in a banking duopoly
Shaffer, Sherrill; DiSalvo, James (1991)
Working Papers , Paper 91-12

Journal Article
Bank consolidation affects lending in Southeastern rural markets
Woosley, Lynn W. (1998-07)
Financial Update , Volume 11 , Issue Jul , Pages 4-5

Working Paper
The effect of market size structure on competition: the case of small business lending
Rosen, Richard J.; Udell, Gregory F.; Berger, Allen N. (2001)
Banking industry consolidation has raised concern about the supply of small business credit since large banks generally invest lower proportions of their assets in small business loans. However, we find that the likelihood that a small business borrows from a bank of a given size is roughly proportional to the local market presence of banks of that size, although there are exceptions. Moreover, small business loan interest rates depend more on the size structure of the market than on the size of the bank providing the credit, with markets dominated by large banks generally charging lower ...
Working Paper Series , Paper WP-01-10

Working Paper
Multiple-market contact in an incomplete-information model with imperfectly correlated cost
Mester, Loretta J. (1989)
Working Papers , Paper 89-22

Journal Article
Structural changes leave mark on Southeast’s rural banking markets
Woosley, Lynn W. (2000-04)
Financial Update , Volume 13 , Issue Apr , Pages 1-2

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